Shiba Inu begins the week with exciting news as it raises $12 million in funding through the stealthy launched TREAT token, creating excitement across the SHIB community. The development which was announced on Shib Daily, a Shiba Inu-dedicated news platform, revealed that the deal was closed by Shytoshi Kusama during the recently concluded Token2049 event in Dubai.
Shiba Inu Closes Groundbreaking Deal
In a recent development, Shytoshi Kusama, the lead developer for the Shiba Inu ecosystem, has teased an exciting $12 million funding closed during the aforementioned blockchain event in Dubai. The funding round featured some key players in the venture capital space including Animoca Brands, Mechanism Capital, Cypher Capital, Shima Capital, Big Brain Holdings, Hercules Ventures, Morningstar Ventures, Woodstock Fund, and more. The funding was done by selling the TREAT token to the VC firms.
TREAT is the latest addition to the Shiba Inu ecosystem. One of the token’s many functions will be to give the SHI Stablecoin more liquidity. It will also give rewards for the Metaverse and the blockchain version of the Shiba Collectible Card Game, taking the place of the BONE token as the ShibSwap reward token.
Speaking about this, Kusama pointed out that the funding will be used in collaboration with Zama to develop its Layer-3 blockchain solution to boost the security and privacy of the Shibarium network. Furthermore, he stressed that the TREAT token will be made available in the market later this year after a stealthy launch in January 2023. By raising funds with the TREAT tokens and the major hype surrounding it, investors and enthusiasts are already gearing up to amass the token when it hits major exchanges.
Shiba Inu Takes Centre Stage at Token2049
Meanwhile, the presence of Shiba Inu at the Token2049 event in Dubai underscores its exponential growth in popularity, legitimacy, and ambition within the cryptocurrency space. The project served as the gold sponsor for the event which hosted a showcase of technological innovations and discussions, as well as global crypto moguls.
The event provided a perfect space for the Shiba Inu team to showcase its various projects and cement its position among industry elites. As the dust settles, the SHIB Army and the larger crypto community are still on the edge of their seats looking out for a potential surge in the price of Shiba Inu.
According to data from CoinMarketCap, SHIB is currently changing hands at $0.00002712, signifying a 1.5% increase following the announcement. What is more, SHIB has a 24-hour trading volume of $888 million, a 36% drop over the last day with a live market cap of $15.9 billion.
